Entertainment
“I came across an ad by a famous actor…”: Zerodha’s Nithin Kamath warns celebrities who endorse illegal apps
Zerodha co-founder Nithin Kamath expressed his concerns about high-profile actors promoting unauthorized and unregulated platforms in a post on X. Kamath said he came across an ad featuring a well-known star who probably had no idea about the legal status of the platform he was promoting.
In his post, Kamath pointed out Octafx, an online Forex trading app that has landed actors who supported it in trouble. TV actors Karan Wahi and Krystle D'Souza are questioned about their support for OctaFx.
Officials familiar with the matter told a news agency that the actors' statements were being recorded to “promote” the platform.
The statements are recorded under the Prevention of Money Laundering Act.
The move comes after the Enforcement Directorate conducted search operations on June 18 under the Prevention of Money Laundering Act (PMLA) 2002 at various locations in Mumbai, Chennai, Kolkata and Delhi as part of an ongoing investigation against the OctaFx trading app and website www.octafx.com.
Officials said that during the search operations, bank funds worth Rs 2.7 crore were frozen and various incriminating documents and digital devices were found and seized by the ED.
ED has initiated an investigation based on an FIR registered by Shivaji Nagar police station, Pune, against several persons for their involvement in presenting false temptations of high returns and duping people under the guise of Forex trading through the platform.
The ED investigation revealed that the online trading app and website OctaFx is operating in India in association with India-based entity OctaFx India Private Limited. According to the ED, the app (OCTAFX) and its website have not been licensed by the RBI to conduct forex trading.
“This Forex trading platform is widely promoted on social media sites and follows referral-based incentive models to acquire users on their platforms,” ED said in a statement.
“Investigation has revealed that multiple accounts of different Indian banks were presented to the investors/users on OctaFx trading app/www.octafx.com to collect funds under the guise of facilitating Forex trading. It has also been revealed that OctaFx manipulated the trading activities and information displayed on its platform, ultimately resulting in net loss to the traders. The said funds accumulated, after defrauding these investors/users, were transferred to multiple e-wallet accounts or bank accounts of shell entities,” ED added.
“In this way, OctaFx India Pvt Ltd, OctaFx and their entities have cheated investors under the guise of Forex trading, thereby making a profit of more than Rs 500 crore in the Indian region.”
Some of these funds were transferred through a web of complex transactions with the help of shell entities and transferred abroad to related entities under the guise of fake cargo and import services, the investigation agency said.
The search operations uncovered a network of accountants and professionals who issued fake fund transfer certificates and facilitated access to bank accounts and companies for storing such funds, the investigation agency noted.
The ED investigation also revealed that the entire process of mirroring the account numbers of the fictitious entities, managing the funds collected from these accounts and embezzling them “are managed and operated by the owner of the OctaFx Group entities based in Spain, Russia, Georgia and Dubai.”
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